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| | Wheat managed to trade higher for most of the day yesterday on short covering in the wheat/corn spread but solid market-on-close selling took the market into negative territory at the close. The minutes from the latest Federal Reserve meeting were seen as supportive to the US Dollar as they suggested if the economy and unemployment continue to improve, interest rates could begin to creep higher by the end of 2013. Investors pushed the 30 year US Bond to its lowest levels since mid-September, the US Dollar surged to the upside, and leading commodity markets like gold, crude oil, and copper sold off. Concerns over the debt ceiling and a possible US credit downgrade continue to weigh on investor sentiment but today's jobs report will take center stage with many analysts estimating the unemployment rate holding steady at 7.7%. |
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